The bank’s Head of Global Markets Andrey Shemetov told RBC that the Russian bank chose Switzerland for the exchange location because Russian authorities do not currently allow cryptocurrency operations, while cryptocurrency exchange is legal in Switzerland.

“We wish to serve our customers’ interests, that’s why we think that we need to have strategic access to all kinds of products and services,” Shemetov claimed.

As RBC reports, Sberbank is currently developing their trading infrastructure, but Shemetov did not specify when the exchange is expected to be launched.

Sberbank does not plan to provide cryptocurrency exchange to retail investors, but is looking to operate on the institutional level. “Cryptocurrency exchange operations will be available for legal entities only,” Shemetov stated, adding that cryptocurrency investments are high risk due to market volatility.

Earlier this month, the head of Sberbank, Herman Gref, declared that cryptocurrency should not be banned “under any circumstances”, calling both cryptocurrencies and Blockchain

According to the latest update of the bill, the Ministry of Finance is aiming to legally adopt cryptocurrency trading, since it would reduce the risks of fraud and increase the government’s tax revenue, due to the potential for fiscal transparency.

According to local crypto news site Forklog, the final version of the bill will be officially released no later than July 1, 2018, which means the current version could still be altered before the law goes into effect.

Playboy Files Fraud Lawsuit Against Blockchain Startup

No Comment

Most Viewed Posts

27 November 2017 – In 2017-2018, the team of crypto startup Simdaq will implement a comprehensive platform and marketplace for developing trading strategies on cryptocurrency exchanges. To date, the founders have already invested more than $1 million in the development of the project, which uses the SMQ token as its internal currency. The first stage of ...

Like our work?

We strive to be the best and most up to date source for cryptocurrency related news.

If you want us to keep up the good work and keep providing you with precious up to date news feel free to buy us a beer.

In case you don't want to use paypal you can throw a penny in our bitcoin wallet. Just copy and paste it - you know what to do next.